FLOKI’s market indicators suggest a bullish breakout is on the horizon.
- FLOKI’s bullish flag pattern targets $0.00064100, $0.00096150, and $0.00128190, indicating potential for substantial gains. Despite a decline in active addresses, FLOKI’s open interest increased by 11.55%, reflecting rising speculative interest.
FLOKI has demonstrated a significant recovery, marking a 24.14% increase in the last seven days. This turnaround comes after a prolonged bearish trend, with FLOKI’s price reaching $0.0001875 at press time, reflecting a 5.19% increase in the last 24 hours.
Meanwhile, the trading volume stands at $459,097,728, indicating strong market interest. The Total Value Locked (TVL) for FLOKI was $26,239,515, suggesting a solid foundation of user engagement and platform activity.
Analyst predictions
Alex Clay noted on X,
“$FLOKI another memecoin with a bullish structure. Re-accumulating in the form of a bullish flag below all-time high resistance. Targets: $0.00064100, $0.00096150, $0.00128190.”
In fact, these target prices reflect the potential for substantial gains if the bullish patterns continue to play out.
Source: X
FLOKI’s bullish technical indicators
The Bollinger Bands indicated that FLOKI’s price is testing the upper band, suggesting increased volatility and a possible continuation of the upward trend.
The price was slightly above the middle band, indicating a shift towards bullish momentum.
Moreover, the MACD line has recently crossed above the signal line, forming a bullish crossover, suggesting potential upward momentum.
Source: TradingView
As of this writing, the RSI was at 57.73, above the neutral 50 mark but still below the overbought threshold of 70. The upward trend in the RSI suggests increasing buying interest, which may lead to further price gains.
Despite the recent bullish sentiment, there has been a significant decline in active addresses for FLOKI since mid-March 2024, with the current count at 3,820. This downward trend suggests reduced user engagement and activity over the past few months.
However, according to CoinGlass data, Open Interest has increased by 11.55% to $21.26 million, indicating rising speculative interest in FLOKI.
Realistic or not, here’s FLOKI’s market cap in SHIB terms
Notably, there was a spike in the funding rate around early June, indicating increased bullish sentiment during that period.
Source: CoinGlass
As of mid-July, the funding rate has stabilized near the neutral line, suggesting balanced market sentiment with neither strong bullish nor bearish tendencies.
Take a Survey: Chance to Win $500 USDT
Next: Bitcoin at $65k: Can long-term holder confidence push BTC higher?
Source
